Key tasks and solutions to promote growth, control inflation, and stabilize the macro economy

The Government has just issued Resolution No. 93/NQ-CP dated June 18, 2024 on key tasks and solutions to promote growth, control inflation and stabilize the macro-economy.

The Government strives for GDP growth rate to reach above the target assigned by the National Assembly (6 - 6.5%)

The Resolution clearly states that, in order to contribute to the successful implementation of the goals and targets of the 2024 Socio-Economic Development Plan, the Government requests ministries, agencies and localities, based on their assigned functions, tasks and powers, to resolutely, promptly and effectively implement the Resolutions and Conclusions of the Central Committee, the Politburo, the National Assembly, the Government and the directions of the Prime Minister, in which it is necessary to focus on implementing key tasks and solutions to promote growth, control inflation and stabilize the macro-economy.

Strive for GDP growth rate to reach above the target assigned by the National Assembly (6 - 6.5%)

The Government aims to continue to prioritize promoting growth in conjunction with consolidating and maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy. Harmoniously and effectively manage and reasonably balance growth and inflation control; strive for GDP growth rate to reach the upper limit of the target assigned by the National Assembly (6 - 6.5%), and control CPI growth rate to reach the lower limit of the target assigned by the National Assembly (4 - 4.5%).

Implement a reasonable, focused and key expansionary fiscal policy; coordinate synchronously, harmoniously and closely with proactive, flexible, timely and effective monetary policy and other policies; remove difficulties and promote production and business activities of people and enterprises.

Strictly control the country's budget deficit, public debt, government debt, and foreign debt within the permitted limits according to the Resolution and Conclusion of the Central Committee and the National Assembly.

Immediately remove bottlenecks, difficulties, and obstacles, especially legal issues for production and business.

The Government's motto is to be courageous, not subjective, negligent, or lose vigilance, but also not pessimistic or fearful. Closely monitor the situation, analyze, forecast, and have timely, appropriate, and effective policy responses in the spirit of proactive "attack and defense" early, from afar, right from the starting point, from the grassroots.

Promote the spirit of initiative, positivity, innovation, creativity, daring to think, daring to do; ensure flexibility, timeliness, and effectiveness in direction and management, not jerky management; synchronously coordinate policies, suitable to the market situation.

Resolutely not backing down in the face of difficulties, persistently pursuing the set goals in the spirit of "no perfectionism, no haste", "concentration, focus, and key points", "doing things thoroughly", "no retreating, just doing things".

Immediately remove bottlenecks, difficulties, and obstacles, especially legal issues for production and business; all levels, sectors, and localities need to promote the spirit of determination to reform and innovate, identify the difficulties and obstacles of enterprises and people as their own difficulties and obstacles to proactively and actively focus on removing and resolving them according to their authority, not waiting for help, not pushing or avoiding, and promptly proposing and recommending issues beyond their authority.

Focus on perfecting institutions and laws to immediately remove difficulties and obstacles.

The Government has set out key tasks and solutions, of which the first task is to focus on perfecting institutions, laws, mechanisms and policies to immediately remove difficulties and obstacles, and free up resources to promote socio-economic development.

Ministries, agencies and localities, according to their functions, tasks and authority, shall urgently complete and submit to the Government for promulgation of detailed Decrees and promulgate under their authority Circulars and guiding documents, ensuring the simultaneous effectiveness of the Land Law, Housing Law, Real Estate Business Law, Price Law, Law on Credit Institutions, etc.

Review legal documents, especially the State Budget Law, the Public Debt Management Law, the Public-Private Partnership Investment Law, the Tax Law, the Pharmacy Law, etc. and guiding documents, identify obstacles and bottlenecks that need to be focused on resolving at the legal level, and send them to the Ministry of Justice in July 2024 for synthesis.

Competently handle conflicts, overlaps, difficulties and inadequacies that have been pointed out in Government Reports on reviewing the system of legal documents.

The Ministry of Justice shall preside over and coordinate with ministries, agencies and localities to urgently study and report to the Prime Minister in June 2024 to decide to establish a Steering Committee with the Prime Minister as Chairman and a number of Ministers and Heads of sectors as members to direct ministries and agencies to urgently handle problems and inadequacies in legal regulations according to their authority.

The Ministry of Planning and Investment urgently studies and proposes to the Government to report to the National Assembly on amending the Law on Public Investment at the 8th Session of the 15th National Assembly.

Promote credit growth, focusing on production and business sectors, economic growth drivers

The Government identified other key tasks as continuing to prioritize growth; operating monetary policy proactively, flexibly, promptly and effectively; coordinating synchronously, harmoniously and closely with a reasonable, focused and key expansionary fiscal policy; continuing to remove difficulties for people and businesses.

Accordingly, the State Bank of Vietnam effectively uses management tools to regulate exchange rates and interest rates, in line with the developments of the macro-economic situation and set goals, meeting capital needs for the economy; strengthens inspection, examination, supervision, and control of bad debt risks, effectively implements measures to handle bad debt, and improves credit quality.

Work immediately with credit institutions, especially state-owned commercial banks, to continue directing the reduction of operating costs, enhancing the application of information technology, digital transformation to continue reducing lending interest rates; promote credit growth, focusing on production and business sectors, priority sectors, economic growth drivers, prioritizing credit limits for credit institutions operating effectively, especially for social housing, green growth, digital transformation, circular economy, etc.

Removing difficulties for the real estate market

The Ministry of Construction closely monitors the situation, strengthens coordination with relevant agencies and localities, proactively finds solutions to remove difficulties and obstacles, and effectively handles issues arising in the real estate market.

Continue to closely coordinate with ministries and agencies to promote the effectiveness of the Prime Minister's Working Group established under Decision No. 1435/QD-TTg dated November 17, 2022 of the Prime Minister to review, urge, and guide the removal of difficulties and obstacles in the implementation of real estate projects for localities and enterprises, especially difficulties and obstacles related to law, planning, projects with good liquidity... to create clear changes in the last 6 months of 2024.

The Ministry of Construction, the State Bank of Vietnam and localities must review and thoroughly and comprehensively assess the reasons for the slow disbursement of the VND120 trillion social housing credit package and urgently come up with practical, feasible and effective solutions to remove obstacles and promote disbursement, especially issues related to borrowers, interest rates, lending processes and procedures, and the completion of legal documents for the project by investors with local authorities...

Continue to exempt, reduce, and extend the deadline for paying taxes, fees, charges, and land use fees

The Ministry of Finance urgently completes and submits to the Government for promulgation Decrees in June 2024 to continue implementing the exemption, reduction, and extension of tax, fee, charge, and land use fee payment deadlines; reviews difficulties and obstacles and has effective solutions to handle issues arising in the corporate bond market.

Preside over and coordinate with ministries, agencies and localities to strengthen discipline and order in state budget finance, resolutely implement digital transformation, regulations on electronic invoices, especially promote the application of digital transformation in budget revenue and expenditure, improve the effectiveness and efficiency of state budget revenue and expenditure management; ensure correct, full and timely collection, expand the collection base and prevent tax losses, especially from e-commerce to compensate for the reduction in revenue due to the implementation of support policies, complete the assigned revenue estimate at the highest level; in July 2024, submit to the Government to report to the National Assembly Standing Committee to handle the 5% cut in the regular expenditure estimate assigned at the beginning of the year by ministries, agencies and localities.

Focus on thoroughly handling problems related to value added tax refunds, fire prevention and fighting, and traceability.

The Government requires ministries, agencies and localities, according to their functions, tasks and authority, to promote reform, cut down and simplify administrative procedures, and digital transformation. Each ministry, agency and locality must develop a digital transformation project to connect and effectively implement Project 06, build a National Data Center, improve the investment and business environment to remove difficulties, create convenience and reduce compliance costs for people and businesses; in which, focus on thoroughly handling problems related to value-added tax refunds, fire prevention and fighting, traceability, etc.

Thoroughly save on regular expenditures, non-urgent expenditures, overseas business trips, celebrations, conferences, seminars, car purchases, etc.; resolutely cut down on regular expenditure estimates that have been assigned but have not been allocated by June 30, 2024 in accordance with Resolution No. 82/NQ-CP dated June 5, 2024.

Promoting disbursement of public investment capital

Another key task that the Government will implement is to promote the disbursement of public investment capital, using public investment to stimulate private investment and promote public-private cooperation. Focus on renewing traditional growth drivers (investment, export, consumption) and strongly promoting new growth drivers (green economy, digital economy, circular economy, knowledge economy and emerging fields such as chips, semiconductors, AI, etc.).

Continue to promote the activities of 5 Working Groups of the Prime Minister and 26 Working Groups of Government members. Strive to disburse over 95% of the assigned plan.

The Ministry of Planning and Investment shall preside over and coordinate with the Ministry of Finance, the State Bank of Vietnam and relevant agencies to focus on handling difficulties and obstacles in disbursing ODA capital according to assigned authority, functions and tasks; in July 2024, submit to the Government for immediate issuance of a Decree amending, supplementing or replacing Decree No. 20/2023/ND-CP and Decree No. 114/2021/ND-CP on management and use of official development assistance (ODA) capital and preferential loans from foreign donors to promptly resolve difficulties related to the approval and implementation of ODA projects and foreign preferential loans, avoiding congestion and delays.

Preside over and coordinate with relevant ministries and agencies to urgently develop and complete the green economic sector system, legal regulations on green transformation, and a pilot mechanism for circular economic development; research and propose policy packages with a large enough scale, suitable and feasible to support businesses and promote new growth drivers, new sectors and fields such as chips, semiconductors, digital transformation, green transformation, etc., and report to the Prime Minister in the fourth quarter of 2024.

The Ministry of Natural Resources and Environment urgently develops a master plan for the demand for filling materials for projects; a plan to ensure and coordinate material sources for each project according to specific progress; carefully assess the supply capacity of river sand to study and propose the expansion of the pilot use of sea sand to compensate for the shortage of river sand, and report to the Prime Minister.

The Ministry of Industry and Trade shall preside over and coordinate with the Ministry of Foreign Affairs and relevant ministries and agencies to support enterprises in effectively utilizing commitments in signed FTAs; continue to expand and diversify export markets, promote negotiations and sign new FTAs.

Timely inform businesses about adjustments to policies and regulations of countries on the export and import of goods, especially key agricultural products such as rice, coffee, etc.; proactively handle, guide, and support businesses in carrying out procedures, providing documents and information to meet new regulations of partner countries.

Promote the implementation of domestic consumption stimulus programs, market stabilization programs, agricultural product promotion, One Commune One Product (OCOP), bringing Vietnamese goods to rural areas... Strengthen market management, fight against smuggling and trade fraud; promptly investigate and handle trade defense lawsuits against goods imported into Vietnam according to regulations.

Preside over and coordinate with the State Capital Management Committee at enterprises and relevant agencies to promptly handle difficulties and obstacles, speed up the progress of important and key national infrastructure projects, in which we are determined to strive to complete the 500 KV project, circuit 3, Quang Trach - Pho Noi in June 2024.

The Ministry of Foreign Affairs presides over and coordinates with agencies to promote economic diplomacy, cooperation in science and technology, innovation, mobilize external resources for national development, strengthen advocacy, attract new-generation FDI, ODA, green finance to promote new growth drivers, create breakthroughs for economic cooperation on strategic infrastructure.

The State Capital Management Committee at Enterprises directs State-owned corporations and groups to continue to innovate governance, improve production and business efficiency, and effectively use state capital for development investment.

Ministries, agencies and localities, according to their functions, tasks and authority, focus on promoting the implementation of strategic breakthroughs in building synchronous and modern infrastructure, especially in important and key national infrastructure projects and works, expressway projects, seaport and airport infrastructure systems, contributing to expanding and exploiting new development spaces and reducing logistics costs.

Focus on developing the domestic market, enhancing trade promotion, stimulating consumption in the area, actively responding to the campaign "Vietnamese people prioritize using Vietnamese goods"; promoting the distribution of goods through digital platforms and e-commerce.

Urgently implement solutions to boost exports, especially to large and potential markets, and effectively promote signed trade agreements and treaties.

Focus on developing key industries and fields

The Government assigned ministries, agencies and localities, according to their functions, tasks and authority, to focus on removing difficulties, promoting the manufacturing and processing industry, and supporting industries; speeding up the progress of large-scale, high-tech projects with strong spillover effects; promoting the production and processing of agricultural, forestry and fishery products; taking advantage of and exploiting signed free trade agreements to promote agricultural exports.

The Ministry of Industry and Trade shall preside over and coordinate with relevant ministries and agencies to urgently complete and submit to the Government for promulgation Decrees on mechanisms and policies to encourage the development of self-produced and self-consumed rooftop solar power; develop power projects using natural gas and LNG in June 2024. Ensure adequate supply of electricity and gasoline in all situations.

Strongly develop service industries with potential, advantages, and high technology applications; reduce transportation and logistics costs.

The Ministry of Agriculture and Rural Development shall preside over and coordinate with relevant agencies and localities to continue to resolutely and effectively implement measures to combat illegal, unreported and unregulated (IUU) fishing.

Proactively develop plans and regulations to ensure sufficient water for daily life, balance water sources for agricultural production and electricity production. Effectively organize and implement forest fire prevention and control with the motto "4 on-site".

The Ministry of Culture, Sports and Tourism shall organize the 2024 summer tourist season well; coordinate closely with localities to strengthen the management of prices of tourism services, accommodation and food and beverage in the area.

The Ministry of Transport shall preside over and coordinate with relevant ministries and agencies to research and develop policies and solutions to promote the development of supporting industries and services to participate deeply in the process of building and operating the North-South high-speed railway.

Timely solutions and appropriate support policies for aviation businesses to maintain flight routes and commercial aircraft, limit impacts on ticket prices, people's travel and develop domestic tourism.

Continue to handle outstanding and prolonged issues within the deadline directed by the Government and the Prime Minister. The Ministry of Finance urgently completes the dossier on handling debts under the Government's responsibility at SBIC. The State Bank of Vietnam urgently completes the plan for compulsory transfer of banks under special control in June 2024, develops a handling plan for Saigon Commercial Joint Stock Bank (SCB). The Ministry of Industry and Trade urgently completes the handling plan for the Phuong Nam Pulp Mill Project. The Capital Management Committee urgently completes the handling plan for: Dung Quat Shipbuilding Industry Company Limited, Vietnam - China Steel Factory, Phase 2 Production Expansion Project - Thai Nguyen Iron and Steel Factory; removes difficulties for Vietnam Airlines Corporation. The Ministry of Health urgently has a plan to handle the investment projects to build the second facility of Bach Mai Hospital and the second facility of Viet Duc Friendship Hospital, without further delay, promptly report and propose issues beyond its authority.

Implement synchronous and effective measures to control inflation

The Government requests the State Bank of Vietnam to continue implementing a proactive, flexible, timely and effective monetary policy; closely following market developments to manage money supply, credit, interest rates and exchange rates synchronously, harmoniously, flexibly, reasonably and effectively according to the common goal, ensuring adequate credit supply for the economy.

The Ministry of Finance shall preside over and coordinate with ministries, agencies and localities to closely monitor the situation, proactively forecast, calculate and update inflation scenarios to develop a comprehensive price management scenario. Ministries, agencies and localities, according to their assigned functions and tasks, shall proactively assess the impact on inflation, calculate and prepare plans and roadmaps for adjusting prices of goods and services managed by the State, especially electricity, tuition fees, medical examination and treatment service prices, etc. when there is room and conditions permitting, at appropriate levels and times, avoiding concentrating at the same time.

Ministries, agencies and localities, according to their functions, tasks and authority, shall strictly direct the implementation of regulations on price declaration, price posting, and price information disclosure; inspect and examine, especially inspect and examine price-forming factors; strictly handle violations of the law on prices, speculation, hoarding, price manipulation, etc. Promote production, ensure adequate supply of demand, carry out well the circulation and distribution of goods, avoid shortages, disruptions in supply, and sudden price increases, especially at times when the market has high demand, especially for food, foodstuffs, electricity, gasoline, construction materials, agricultural supplies, transportation services, etc.; in which the role and responsibility of State-owned corporations and groups shall be strongly promoted.

The Price Management Steering Committee directs ministries, agencies and localities to regularly and closely monitor price developments to have timely solutions to ensure the set inflation control target.

Focus on cultural, social and environmental fields; ensure social security and people's lives.

The Ministries of Home Affairs, Finance, and Labor, War Invalids and Social Affairs shall promptly implement salary policy reforms, adjust pensions, social insurance benefits, incentives for meritorious people and social benefits according to a roadmap, with appropriate and effective steps to implement the Resolutions and Conclusions of competent authorities.

The Ministry of Health does a good job of medical examination and treatment, ensuring medicine, equipment, and medical supplies; preventing drowning, especially in children.

The Ministry of Education and Training organizes well the 2024 high school graduation exam and university and college entrance exams and pays attention to controlling the prices of textbooks, school supplies, etc.

The Ministries of Labor, War Invalids and Social Affairs, Agriculture and Rural Development, and the Ethnic Committee develop specific plans and actively and effectively promote the implementation of national target programs.

Ensuring national defense, security, social order and safety, promoting foreign affairs and international integration

The Ministry of National Defense has done a good job of forecasting, proactively grasped the situation, promptly advised and effectively handled situations, avoided being passive or surprised; resolutely and persistently protected independence, sovereignty and territorial integrity.

The Ministry of Public Security directs the assurance of absolute security and safety for important political, cultural and social events of the country, activities of Party and State leaders; strengthens the work of preventing and combating crime, especially organized crime, transnational crime, criminal and drug crimes; speeds up the investigation of cases monitored and directed by the Steering Committee for Anti-Corruption.

The Ministry of Foreign Affairs has well prepared the foreign affairs programs of the Party and State leaders; continued to firmly consolidate the favorable foreign affairs situation for national defense and development; improved the effectiveness of economic diplomacy in service of development; mobilized and well prepared the contents for the US to soon recognize Vietnam as a market economy.

The Ministry of Information and Communications focuses on directing; Vietnam Television, Voice of Vietnam, Vietnam News Agency, Government Electronic Information Portal, press agencies to do a good job of information and propaganda, especially policy communication, ensuring timely, objective and honest reflection of developments, situations and leadership and administration of the Government and Prime Minister, in the spirit of "using beauty to eliminate ugliness", "using positivity to push back negativity", contributing to creating social consensus, strengthening trust, inspiring, creating new momentum, new motivation, and determination to successfully implement the set goals and tasks.

Source: https://thoibaonganhang.vn/nhiem-vu-giai-phap-trong-tam-thuc-day-tang-truong-kiem-soat-lam-phat-on-dinh-kinh-te-vi-mo-152715.html